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Russia: No firm plans to coordinate oil output with OPEC
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Russia: No firm plans to coordinate oil output with OPEC

MOSCOW — The Kremlin says there are no concrete plans to cut oil output in coordination with major producers Saudi Arabia and OPEC.

Spokesman Dmitry Peskov told reporters on Thursday that Russia is “actively discussing the instability of oil markets,” with Saudi Arabia and OPEC, but, as of yet, there are no conclusions from the talks.

On Wednesday, the head of the Transneft pipeline network Nikolai Tokarev, said talks on output cuts are planned, with the Saudis as the main negotiators.

Russian Energy Minister Alexander Novak said Thursday that efforts are underway to convene talks involving OPEC countries and nonmember oil-exporting countries.

The price of oil dipped below $30 a barrel last week, causing the ruble to plunge to record lows. The price ticked up slightly at the beginning of this week— due in part to discussions about coordinating oil output— and is now trading at $32.41 a barrel.

In related news, Saudi races to attract investment, create jobs in overhaul.

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